Aspen Technology swings to quarterly income

RuthMantell

SAN FRANCISCO (MarketWatch) -- Aspen Technology Inc.
AZPN, +1.08%
after Thursday's closing bell said it swung to fourth-quarter net income as last year's results were cut by an operational loss from restructuring charges, among other items. The software company said quarterly income was $6.82 million, or 5 cents a share. During the same period in the prior year, the net loss was $30 million, or 70 cents a share. Aspen said quarterly revenue rose to $79.2 million from $71.8 million in the prior year. Also Thursday, the company said certain option grants during fiscal 1995 through 2004 were accounted for improperly, and concluded that compensation associated with the grants was misstated in fiscal 1995 through 2005 and in the nine months ended March 31. The restatement resulted in $50.1 million of charges prior to fiscal 2004, among other changes. Adjustments have increased net income by $2.5 million for the first three quarters of fiscal 2006, while widening the net loss by an aggregate of $1.9 million in fiscal 2003, 2004 and 2005.

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